Black Father-Son Title Insurance Agency Owners Close $30M Affordable Housing Deal
By Niki McGloster
Father-son business partners Osei and Nadir Rubie are developing a new affordable housing project amid the U.S. housing crisis.
According to Shoppe Black, the Rubies closed a $30 million real estate deal through their title insurance agency, National Standard Abstract (NSA), one of the largest Black-owned companies in the industry.
“In our five-plus years of operation, a common question posed to us is ‘how do we engage National Standard Abstract to provide title insurance for our project or transaction?’ As an MBE NYC Certified firm, our credentials are inclusive of City-funded commercial real estate projects as well as market-rate development projects,” said Nadir Rubie.
Overseen by CB Emmanuel Realty, LLC, the project will be a seven-story residential building with 71 units— 55 studios, 14 one-bedroom, and two two-bedroom apartments—in Brooklyn, New York’s Brownsville neighborhood.
The residences will be economic-friendly and provide upscale amenities including tenant and bike storage in the cellar, a landscaped garden in the rear yard, and a green roof with solar panels, among other things.
The Rubies make a habit of bringing suburban-style living into urban communities, and as a result, more opportunity for the Black community to thrive. Since 2015, the NSA has closed over $1 billion in commercial and residential real estate transactions. In addition, the Osei Rubie Charitable Fund has awarded $100,000 to more than 15 organizations whose efforts advance Black culture, excellence, and generational wealth.
“As New Yorkers, we overcame many challenges during the COVID-19 pandemic and continue to persevere despite our new normal,” said Osei Rubie, president and founder of National Standard Abstract. “I am proud that National Standard Abstract remains an integral partner during this critical time to build one community at a time. I look forward to helping with the economic resurgence through our leadership in title insurance and our philanthropic arm, the Osei Rubie Charitable Fund.”
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